CAJ | 학술논문

信用评级机构被认为是金融危机的始作俑者之一。无论美国还是欧洲，都通过了许多法律以期更密切对其予以监督。无可争议的是，这些规定并不足以根本上解决金融危机所产生的问题。本文介绍了欧盟最新关于信用评级的规则，其中包括两次强制性评级，为评级机构、合同条款和民事责任制度设置了一个时间限制。为了有效地实施上述措施，两个附加性手段需要引进：其一，实行一个强制性的欧洲信用评级可以打破信用评级市场中的寡头垄断局面；其二，帮助可以快速成长的欧洲小型信用评级机构。如果责任制度确实具有威慑力，民事赔偿责任制度只能是作为导入自律机制的一个促进措施：这确保了错误的信用评级（如雷曼兄弟案）将被要求以强制性的损害赔偿，而这一新的规则也需要引入举证责任倒置的制度。这包括要求信用评级机构适时地调整评级，以避免对信用发行主体过早的信用下移，下调“评级展望”。
신용평급궤구피인위시금융위궤적시작용자지일。무론미국환시구주，도통과료허다법률이기경밀절대기여이감독。무가쟁의적시，저사규정병불족이근본상해결금융위궤소산생적문제。본문개소료구맹최신관우신용평급적규칙，기중포괄량차강제성평급，위평급궤구、합동조관화민사책임제도설치료일개시간한제。위료유효지실시상술조시，량개부가성수단수요인진：기일，실행일개강제성적구주신용평급가이타파신용평급시장중적과두롱단국면；기이，방조가이쾌속성장적구주소형신용평급궤구。여과책임제도학실구유위섭력，민사배상책임제도지능시작위도입자률궤제적일개촉진조시：저학보료착오적신용평급（여뢰만형제안）장피요구이강제성적손해배상，이저일신적규칙야수요인입거증책임도치적제도。저포괄요구신용평급궤구괄시지조정평급，이피면대신용발행주체과조적신용하이，하조“평급전망”。
Credit rating agencies are said to be among those who caused the financial crisis. Both the United States and Europe have passed numerous laws intended to monitor them more closely. It stands undisputed,however,that these regulations do not suffice to solve the problems that evolved in the financial crisis. This article evaluates the European Commission’s latest Credit Rating Agencies Regulation,which introduces,among others,two mandatory rating,sets a time limit to the contractual relationship between Rating Agency and the contracting entity and a civil liability regime. In order to effectively enforce the affected rights, two additional means need to be introduced: Mandating a European rating could break the market’s oligopolistic structure and help jump-start small European agencies. A civil liability regime can only serve as an incentive to introducing self-control if liability rules are truly deterring:To ensure that wrong ratings(such as Lehman Brothers’) will actually lead to enforceable damage claims,the new Regulation needs to introduce a reversal of the burden of proof. This includes requiring the agency to immediately adjust a rating,avoiding an issuer’s premature downscaling and introducing a “rating outlook”.